Bybit rolls out social copy trading service on its spot platform
Crypto exchange Bybit has released a copy trading feature for users on its spot platform.
The new product allows less-versed cryptocurrency users to automatically copy the trades of experienced traders on the platform, thus creating a P2P asset management solution. In return, the copied trader earns up to 10% of the follower’s equity profit just for automatically replicating the trades.
Bybit currently doesn’t charge additional fees for facilitating the process, which means the investor makes 90 percent of the original profit without getting involved in the actual trading.
The new feature allows everyday investors to search and compare the performance of hundreds of proven cryptocurrency traders and mirror their trades automatically. Simultaneously, Bybit helps talented investors bring their results to light by competing with other traders in an equally fair environment.
Bybit has been an integral participant in the continued mass adoption of cryptocurrency investments, and the launch of a copy trading service is yet another milestone. The move also comes as the popular exchange continues to branch out of its singular focus on crypto derivatives with a suite of new product offerings. Although derivatives are to remain at the heart of Bybit’s business, the popular platform added spot crypto trading last year as it aims to aggressively grow their user base.
Bybit unlocks MT4 features to crypto traders
Bybit said client demand to trade spot cryptocurrencies has been significant, with growing interest coming from their existing customer base across the different coins they offer in the derivatives market. With this new product, Bybit is addressing one of the frictions in the investor experience as they are now able to more confidently execute spot trades, knowing that their actual assets remain safe.
“No doubt, this is a golden opportunity for new and experienced traders alike,” said Ben Zhou, co-founder and CEO of Bybit. “Throughout history, communities improve through a cycle of knowledge sharing and skill transfer, and we are accelerating that with copy trading. Not only do new traders have a better chance at profiting and learning at the same time, but master traders are also rewarded for their services. This new product demonstrates our commitment to creating a safe and reliable one-stop crypto platform for crypto traders of all levels and experience.”
For the copy trade orders opened on the same day, the system will deduct the profit share amount from its realized profit only when all the copy orders are closed. If the copy trade orders are only partially closed, they will not be settled on the settlement day until all positions are closed.
The new product comes barely two weeks after Bybit began offering clients the opportunity to trade cryptocurrency directly on MT4, the most popular trading platform for online retail traders.
The exchange has completed its integration of MetaTrader 4 to enable users to enjoy countless features, including thousands of charting tools, trading robots and technical indicators, as well as copy trading functionalities, alerts, financial news and mobile trading.
